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Tag: Macquarie Group

  • Fosun unit to divest 40% stake in Portugal’s Luz Saude to Macquarie-linked firm

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    (Reuters) -Hong Kong-listed Chinese conglomerate Fosun International said on Friday its unit had agreed to sell a 40% stake in Portugal-based hospital operator Luz Saude for 310 million euros ($362.92 million) to an entity linked to Australia’s Macquarie Group.

    Fosun-controlled Portuguese insurer Fidelidade inked a deal with MEIF 7 Med Holdings to dispose of some of its stake in the hospital operator, the Hong Kong-listed company said in a statement.

    MEIF 7 Med Holdings, which is affiliated with Macquarie European Infrastructure Fund 7, is managed by Macquarie Asset Management, the asset management arm of Australian financial services group Macquarie.

    Following the completion of the deal, Fidelidade will retain 59.86% of shares and voting rights in Luz Saude, Fosun added.

    The stake sale comes amid growing interest in Portugal’s healthcare sector from private equity firms.

    Lusiadas Saude, one of the country’s leading hospital operators, was acquired by France’s Vivalto Sante in 2022, while Spain’s MCH Private Equity purchased a minority stake in Sanfil-Global Health earlier this year.

    Luz Saude is among Portugal’s largest private healthcare groups and operates 30 hospitals, clinics and nursing homes across the country.

    Earlier last year, Fidelidade had considered listing Luz Saude on the Lisbon stock exchange but shelved the plan after assessing instability in capital markets, exacerbated by geopolitical tensions in the Middle East.

    Fosun began its investment in Portugal in May 2014, acquiring Fidelidade for about 1 billion euros and currently owns 85% of the company.

    ($1 = 0.8542 euros)

    (Reporting by Rajasik Mukherjee & Rishav Chatterjee in Bengaluru; Editing by Mohammed Safi Shamsi)

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  • Oil Could Rise After Latest EU Sanctions on Russia. Why a Rally May Not Last.

    Oil Could Rise After Latest EU Sanctions on Russia. Why a Rally May Not Last.

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    The European Union’s ban on seaborne imports of Russian oil, along with the Group of Seven’s plan to cap prices of oil from Russia early next month won’t guarantee that prices for the commodity will see a lasting rally, or that supplies will tighten further in the days ahead.

    “In isolation, the sanctions on Russia should be bullish for prices,” says Matt Smith, lead oil analyst, Americas, at Kpler. However, they may have a limited effect, as Russian barrels get “rerouted and not taken off the market,” while a price cap still has so much uncertainty surrounding it that its impact may be “muted due to workarounds or may simply be ineffective.”

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